Cotton futures trade higher on rising demand

Cotton futures traded higher on MCX due to rising domestic as well as export demand at the spot market. Besides, expectation of shrinkage of cotton acreage by at least 10-15 lakh ha in coming kharif season in the country due to pest attack also fuelled the uptrend.

The contract for April delivery was trading at Rs 20830.00, up by 0.29% or Rs 60.00 from its previous closing of Rs 20770.00. The open interest of the contract stood at 7381 lots.

The contract for May delivery was trading at Rs 21110.00, up by 0.24% or Rs 50.00 from its previous closing of Rs 21060.00. The open interest of the contract stood at 2192 lots on MCX.

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